6 Car Models That Will Have Massive Price Increases in November 2024
A recent Cox Automotive report found that new vehicles prices have dipped by 0.4% from this time last year. In September 2024, the average transaction price of a new vehicle was $48,397 — as opposed to $48,615 the year prior.
Despite this, car prices have remained relatively steady across many makes and models. Some automotive experts also predict that prices will see an increase before the end of 2024.
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Honda Civic
Starting MSRP (2023): $24,845
Starting MSRP (2024): $25,045
Melanie Musson, an auto industry expert with CarInsurance.org, predicts the Honda Civic will see a price hike in the coming months.
“The Civic has been one of the most affordable and dependable models for decades.” she said. “That’s what buyers are looking for. They want a vehicle that has great fuel efficiency and will last a long time. Because the Civic is so popular, it’s likely to increase in price.”
Hondas in general have gone up by 3.6% from September 2023 to 2024.
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Tesla Model Y
Starting MSRP (2023): $43,990
Starting MSRP (2024): $73,400
The Tesla Model Y price has already gone up significantly from 2023 to 2024, but Joe Giranda, director of sales and marketing for CFR Classic, believes it could become even more expensive.
“I believe that the Tesla Model Y could see a price increase, especially if demand remains high,” he said. “Tesla often adjusts pricing based on demand, and with more people gravitating toward electric vehicles (EVs), this could drive prices up in the short term.”
The Cox Automotive report found that the average transaction price of a Tesla vehicle rose by 13.6% from September 2023 to September 2024.
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Jeep Wrangler
Starting MSRP (2023): $32,990
Starting MSRP (2024): $31,995
While the Jeep Wrangler has remained relatively stable in terms of price (from 2023 to 2024), there’s always the chance that it’ll go up.
“Even though the Wrangler isn’t the most dependable vehicle on the market, it’s still a hot item and one of the most popular cars on the market,” said Musson. “Because of its popularity, don’t be surprised to see a price increase in November.”
Those who want a vehicle that can handle more rugged terrain or harsher climates might also go for the Wrangler, which could bring up the price as well.
Toyota RAV4 Hybrid
Starting MSRP (2023): $32,575
Starting MSRP (2024): $31,725
Notably, the Toyota RAV4 Hybrid hasn’t fluctuated in price that much (aside from a minor dip between the 2023 and 2024 models). That said, Giranda pointed out that high demand and limited supply could lead to higher prices.
The Toyota RAV4 Hybrid “is highly sought after due to its fuel efficiency, and with more people looking to make eco-friendly choices, I think we might see prices climb as inventory struggles to keep pace with demand,” he said.
Hyundai Tucson Hybrid
Starting MSRP (2023): $31,350
Starting MSRP (2024): $32,575
Another hybrid that could see a spike in demand (and therefore prices) is the Hyundai Tucson Hybrid.
“While EVs may not be a favorite for the public in general, people love the idea of a hybrid so they can save money on fuel but still have the backup reliability of a gas-powered vehicle,” said Musson.
She also pointed out that this particular vehicle comes with a solid warranty — battery replacement for the first 10 years or 100,000 miles — that also gives people more peace of mind and makes them more willing to pay a bit extra. While this doesn’t guarantee it will become more expensive in November, chances are prices won’t be coming down any time soon either.
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Chevrolet Silverado 1500
Starting MSRP (2023): $36,645
Starting MSRP (2024): $36,800
The Chevrolet Silverado 1500 starts around the $37K price point, but it can easily become more expensive with upgrades. This isn’t too surprising considering trucks tend to have a higher starting MSRP than most cars as it is (EVs being a notable exception).
But Giranda pointed out that the Silverado — as well as similar trucks — could become more expensive in areas where demand is already high but stock is limited.
Takeaway
Keep in mind that these are only predictions and that price changes will vary based on factors like region, inventory and demand. Oftentimes, dealerships will offer incentives or rebates near the end of the year so they can attract more buyers and clear out existing inventory for newer models.
If you’re thinking about buying a car, consider going with last year’s model. But also do some price comparison shopping to make sure you’re getting the best deal.
Editor’s note: The photos in this article are representational and may not reflect the exact model of each vehicle.
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